JLT merges specialty and Lloyd’s broking units

JLT has merged its JLT Specialty broking division with its Lloyd’s broking unit, Lloyd & Partners.

Lloyd & Partners chief executive John Lloyd will be chief executive of the combined entity and current JLT Specialty chairman Adrian Girling will be its chairman.

JLT Specialty chief executive Martin Hiller has been named chief executive of Europe, the Middle East and Africa, with responsibility for managing general agency business, including Thistle Insurance Services.

The combined business will be known as JLT Specialty. But the Lloyd and Partners brand will be retained to “service and develop the group’s independent wholesale client base”.

JLT hinted that the merger could result in staff redundancies. The company said there is “limited overlap” between the two units.

It said: “More details will be provided on the anticipated one-off integration costs and associated savings at the time of our preliminary results in March 2015.

JLT group chief executive Dominic Burke said: “The merger of JLT Specialty and Lloyd & Partners creates a real powerhouse in the market in our chosen specialty areas under John Lloyd’s proven leadership.

“Harnessing their market leading capabilities into a single business promises to enhance their ability to meet their clients’ international demands, pursue our Group strategy and deliver market leading organic growth.”

The broking group is also expanding its specialty business in the US. The company said it planning “siginifcant” expansion in its US energy, construction, financial lines, credit, political and security and aerospace.

As part of the expansion it has named Michael Rice chief executive and Pat Donnelly deputy chief executive of the US based JLT Speciality Insurance Services business.